InFocus Group Holdings (ASX:IFG) received commitments to raise AU$250,000 through the placement of 18.5 million shares at AU$0.0135 apiece, according to a Thursday filing with the Australian bourse.

The company plans to issue options to participants on a one-option-for-one-share basis with an exercise price of AU$0.05 and an expiry date of two years from the date of issue, pending shareholder approval, the filing said.

Proceeds will be used for working capital purposes, the filing added.

Additionally, the company said it received Wednesday an initial deposit of $38,000 as part of its $1.5 million service agreement to develop a cross-border stablecoin-based payment platform for Seychelles-based GBO Assets.

Shares of the company fell almost 16% in recent Thursday trade.